Selling Your Site: Business Development in a Changing Industry

The pharmaceutical industry is constantly changing, especially over the past few years. Research and development costs are growing exponentially, while mergers and acquisitions are being leveraged to increase revenue, decrease costs, gain influence, and eliminate competition. As sponsors move from high-volume/low-margin business models to low-volume/high-margin models, there is increased competition among sites for fewer research opportunities. These changes also mean increased opportunities for sites that can identify and capitalize on those opportunities. So how can your team work smarter, not harder toward success?

A key piece of the puzzle is the ability to efficiently and effectively identify clinical trials through public resources. These resources provide a useful snapshot of current clinical trials; just remember that it might take some navigating to utilize all they have to offer and avoid feeling overwhelmed at the amount of information. For a comprehensive list of public resources, view our latest webinar here.

More than ever before, it’s critical to engage sponsors and CROs. Be sure to leverage existing relationships by going to conferences; attend various sessions and networking events during these conferences where possible sponsors may be presenting. Create site marketing material showcasing your past studies and make the materials easily accessible for potential sponsors. Also, be sure to enter your site information into PI databases and join various networks. The more active interest you show in finding new studies, the better chance you’ll have in not only being recognized but remembered.

Six Tips on How to Stand Out in a Crowd:

Put yourself in the sponsor’s shoes – what do sponsors want and how can you provide that to them?

Treat feasibility surveys and questionnaires like a job interview

Under promise and over deliver

Anticipate any red flags

Meet your deadlines

Be proactive and follow up

While the goal is funding and clinical trial support, it’s also important to know when to say “No.” Not all studies will be the right fit for your site, but you can always apply to top them initially. This will get your name on the sponsor’s radar and increase the likelihood of being notified of new trials. Once you secure the right support, make sure to continue and build upon those relationships. Add your successes to your sell sheet and explore strategic alliances.

Business development is a continual and necessary process in this ever-changing industry. Tracking and managing the clinical trial landscape is a key component to reach your business development goals. Having good clinical trial software can help efficiently manage these key components.